Teekay Tankers held an investor day presentation to discuss its business strategy and outlook. Key points include: - Teekay Tankers has acquired 13 tankers from Teekay Corporation, increasing its fixed-rate coverage and diversifying its fleet. - The acquisition is accretive to cash flow available for dividends. Dividends per share are expected to increase 19% at illustrative spot rates. - Tanker market fundamentals are expected to improve in 2013 with lower fleet growth and increasing oil demand, which should boost spot tanker rates from current lows. - Teekay Tankers has a portfolio of short- and long-term fixed-rate contracts and vessel

1. Teekay
Tankers
Investor Day
Presentation
June 18, 2012

2. Forward Looking Statements
This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of
1934, as amended) which reflect management’s current views with respect to certain future events and performance,
including statements regarding: the Company’s anticipated acquisition of 13 conventional crude oil and product
tankers from Teekay Corporation, including the purchase price, timing and certainty of completing the transaction and
the effect of the transaction on the Company’s business, Cash Available for Distribution, dividend, liquidity, and fixed
cover for the 12-month period commencing July 1, 2012; opportunities in the product tanker segment; tanker market
fundamentals, including the balance of supply and demand in the tanker market, and spot tanker charter rates;
anticipated tanker fleet utilization; the Company’s financial position and ability to acquire additional assets; estimated
dividends per share for the 12-month period commencing July 1, 2012 based on various spot tanker rates earned by
the Company; anticipated dry-docking and vessel upgrade costs; the Company's ability to generate surplus cash flow
and pay dividends; and potential vessel acquisitions, and their affect on the Company’s future Cash Available for
Distribution and dividends per share. The following factors are among those that could cause actual results to differ
materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in
evaluating any such statement: failure to satisfy the closing conditions or obtain the necessary third party consents for
the Company’s anticipated 13-vessel acquisition from Teekay Corporation or unexpected results from the technical
inspection of those vessels that would result in a change to the transaction purchase price; changes in the production
of or demand for oil; changes in trading patterns significantly affecting overall vessel tonnage requirements; lower than
expected level of tanker scrapping; changes in applicable industry laws and regulations and the timing of
implementation of new laws and regulations; the potential for early termination of short- or medium-term contracts and
inability of the Company to renew or replace short- or medium-term contracts; changes in interest rates and the capital
markets; future issuances of the Company’s common stock; the ability of the owner of the two VLCC newbuildings
securing the two first-priority ship mortgage loans to continue to meet its payment obligations; increases in the
Company's expenses, including any dry-docking expenses and associated off-hire days; the ability of Teekay Tankers'
Board of directors to establish cash reserves for the prudent conduct of Teekay Tankers' business or otherwise; failure
of Teekay Tankers Board of Directors and its Conflicts Committee to accept future acquisitions of vessels that may be
offered by Teekay Corporation or third parties; and other factors discussed in Teekay Tankers’ filings from time to time
with the United States Securities and Exchange Commission, including its Report on Form 20-F for the fiscal year
ended December 31, 2011. The Company expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s
expectations with respect thereto or any change in events, conditions or circumstances on which any such statement
is based.
2 www.teekaytankers.com

3. Teekay Tanker’s Highlights
• One of the world’s largest owners of mid-size
conventional tankers
• Portfolio of fixed-rate contracts enables the payment of
dividends during the current weak spot tanker market
• Strong balance sheet and liquidity enables us to:
○ Endure the current tanker cycle trough
○ Grow without having to raise additional equity
3 www.teekaytankers.com

4. Business Strategy – Yielding Results
• Pay out all cash available for distribution after reserving for debt
principal payments and drydock expenses
• Maximize cash available for distribution by:
○ Tactically managing our mix of fixed-rate contracts and spot trading
○ Operating spot traded vessels in commercial tonnage pools which provide
the benefit of greater scale economies
○ Expanding our fleet through accretive acquisitions
TNK has paid a dividend each quarter since IPO in Dec. 2007,
a total of $7.025 per share
4 www.teekaytankers.com

5. Strategic 13-Vessel Acquisition
Teekay Tankers has acquired 13 conventional tankers from Teekay
Corporation for a total purchase price of approximately $455 million
Strategic Benefits
• Modern vessels acquired at a cyclical low purchase price
• Increases near-term fixed-rate coverage from 29% to 43% for the 12-month
period commencing July 1, 2012
• Provides diversification into product tankers
• Attractive, ‘covenant-lite’ debt facilities with favorable repayment profiles
• $400 million of liquidity post-transaction provides financial flexibility
5 www.teekaytankers.com

6. Transaction is Accretive to CAD and Dividend Per Share
$2.50 $2.50
Illustrative Annualized CAD1 Per Share Illustrative Annualized Dividend Per Share
12 months Ending June 30, 2013 12 months Ending June 30, 2013
$2.00 $2.00
$1.50 $1.50
$1.00 $1.00
$0.50 $0.50
Pro Forma Pro Forma
Pre-transaction Pre-transaction
$0.00 $0.00
Aframax / $10,000/ $15,000/ $20,000/ $25,000/ $30,000/ $35,000/ Aframax / $10,000/ $15,000/ $20,000/ $25,000/ $30,000/ $35,000/
Suezmax $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 Suezmax $15,000 $20,000 $25,000 $30,000 $35,000 $40,000
Illustrative CAD 1 and $15,000 / $20,000 2
Dividend Accretion (Aframax / Suezmax) For every $1,000 per day
Pre- increase in spot rates,
Transaction Pro-Forma Accretion CAD1 and dividend per
CAD (Pre-Drydocking) per share 0.51 0.82 61% share increase by
Less: Drydocking Reserve per share (0.10) (0.17)
approximately $0.075
Less: Principal Reserve per share (0.02) (0.19)
Dividend Accretion per Share 0.39 0.46 19%
Dividend Yield 9% 11%
1. Cash Available for Distribution represents net income (loss) excluding depreciation and amortization, unrealized (gains) losses from derivatives, any non-cash items or write-offs of other non-
recurring items, and net income attributable to the historical results of vessels acquired by the Company from Teekay for the period when these vessels were owned and operated by Teekay.
2. Based on illustrative spot tanker rates of $15,000 per day for Aframax and $20,000 per day for Suezmax.
3. Based on closing share price of $4.16 on June 8, 2012.
6 www.teekaytankers.com

7. Acquisition Provides TNK with Significant Scale
• Post-transaction, TNK will become one of the world’s largest owners
of mid-size conventional tanker tonnage
Comparable Fleet Size* (MDWT of Owned Tonnage)
8
7
6
MDwt
5
4
3
2
1
0
Sovcomflot AET Teekay Fredriksen Dynacom NAT Minerva Tsakos Marmaras General Teekay
Tankers Group Marine Navigation Maritime Tankers
Pro Forma Pre-
Transaction
Source: Owner websites/Clarksons
* Fleet data includes top owners of Aframax/LR2 and Suezmax tankers only.
7 www.teekaytankers.com

8. Teekay Tankers Fleet
Name Class Y/Built
Erik Spirit Aframax 2005
Fixed-Rate Coverage (estimated)
Kareela Spirit Aframax 1999
Nassau Spirit Aframax 1998
Pre- Post-
Ashkini Spirit Suezmax 2003 Transaction Transaction
Iskmati Spirit Suezmax 2003
Kaveri Spirit Suezmax 2004
Trading in 12 months Commencing
Zenith Spirit Suezmax 2009 Teekay Pools July 1, 2012 29% 43%
Donegal Spirit LR2 2006
Limerick Spirit LR2 2007 FY 2013 23% 34%
Galway Spirit LR2 2007
Ganges Spirit Suezmax 2002 ←$30,5001
Yamuna Spirit Suezmax 2002 ←$30,5001
Everest Spirit Aframax 2004 ←$17,000
Esther Spirit Aframax 2004 $18,2002
Kanata Spirit Aframax 1999 $17,250
Matterhorn Spirit Aframax 2005 $21,375
Narmada Spirit Suezmax 2003 $22,0003
Godavari Spirit Suezmax 2004 $21,000
Teesta Spirit MR 2004 $21,500
VLCC Mortgage A
VLCC Mortgage B
Mahanadi Spirit MR 2000 $21,500
Kyeema Spirit Aframax 1999 $17,000
Helga Spirit Aframax 2005 $18,000
Pinnacle Spirit Suezmax 2008 $21,000
Summit Spirit Suezmax 2008 $21,000
Hugli Spirit MR 2005 $30,600*
Americas Spirit Aframax 2003 $21,000
Australian Spirit Aframax 2004 $21,000
Axel Spirit Aframax 2004 $19,500
Newbuilding J/V VLCC 2013
2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
1 Plus profit share. Profit share above $30,500 per day entitles Teekay Tankers to the first $3,000 per day plus 50% thereafter of vessel’s incremental Gemini Pool earnings, settled in the second quarter of each year.
2 Includes profit share paying 49% of earnings in excess of $18,700 generated December 1 through March 20.
3 Profit share above the applicable minimum time-charter rate entitles Teekay Tankers to 50% of the difference between the average TD5 BITR rate and the minimum rate.
4 Charter rate covers incremental Australian crewing expenses of approximately $14,000 per day above international crewing costs.
8 www.teekaytankers.com

9. Proven Pool Performance
Average last
Aframax Segment 4 quarters 2011 TCE
Aframax RSA 12,073 12,995 AFRAMAX RSA
BITR Aframax Avg 7,299 7,944
Clarksons (90%) 10,128 9,546
Average last
LRII Segment 4 quarters 2011 TCE
Taurus Pool 11,539 12,690
BITR LR2 TC1 7,767 9,623
Clarksons (90%) 8,547 9,662
Average last
Suezmax Segment 4 quarters 2011 TCE
Gemini Pool 16,301 14,266
BITR Suezmax TD5 15,308 14,494
Clarksons (90%) 12,662 12,452
9 www.teekaytankers.com

10. Specialized Assets Enhance Dividend
• VLCC Mortgage Loans • 50% VLCC Ownership
○ Fixed-rate return of 10% until mid- ○ VLCC newbuilding scheduled to
2013 deliver in mid-2013 with fixed five-
year time-charter with profit share
○ Loans secured with first-priority
mortgages on two modern VLCCs ○ CAPEX fully financed
Current Market Lows 2013 Improving Market
Focus on Fixed Return Focus on Operating Leverage
10 www.teekaytankers.com

11. 2H-2012 Tanker Market Outlook
• Seasonally weak summer market expected
○ Q3 traditionally the worst quarter for tanker demand
○ Uncertain global economy impacting oil demand
○ Potential for lower OPEC oil production due to declining oil prices
• Stronger winter market fundamentals expected in Q4-12
○ Heating demand in the northern hemisphere
○ Return of refineries from seasonal maintenance
○ Transit delays due to adverse weather conditions
Upside Factors Downside Factors
 Lower oil prices stimulate demand  Weakening global economy
 Easing Iranian tensions  Potential OPEC supply cutbacks
 Atlantic hurricane season  Slowdown / reversal of stockbuilding
 Re-opening of Atlantic refineries  Non-OPEC supply outages
(N. Sea, GoM, Sudan, Syria, Yemen)
11 www.teekaytankers.com

12. 2013 Tanker Market Improvement
Tanker Demand Growth Tanker Fleet Growth
8%
7% Demand Range Supply Range
6%
% Growth
5%
4%
3%
2%
1%
0%
2009 2010 2011 2012E 2013E
Source: Platou / Internal estimates
Global Floating Slowdown in Moving towards Improved fleet
recession; storage demand; balance by end utilization on
of 2012 –
accelerating steadied the fleet growth the back of
demand is the
fleet growth market dominates wild card lower fleet
growth
12 www.teekaytankers.com

13. Improvement Factor #1: Low Fleet Growth
• Base Case: 3.4% tanker fleet growth in 2013
• Upside Case: 2.5% fleet growth if scrapping remains at 2012 levels
• Downside Case: 4.5% fleet growth if construction delays /
cancellations moderate from 5-year average of ~30%
Projected Tanker Fleet Growth To 2014
Deliveries Removals Net Fleet Growth (%) Base Case 2012 2013
50 8.0%
40 7.0%
30 6.0%
VLCC +5.8% +5.2%
20 5.0%
Suezmax +7.1% +6.8%
10 4.0%
0 3.0%
Aframax +1.2% +0.2%
-10 2.0%
-20 1.0%
Source: Clarksons / Internal estimates MR +1.0% +3.1%
-30 0.0%
13 www.teekaytankers.com

14. Improvement Factor #2: Demand Growth
• Base Case: 1.3 mb/d (1.5%) oil demand growth driven by China,
which translates into approximately 4.5% tanker demand growth
• Upside Case: additional strategic stockbuilding during 2013
• Downside Case: global economic downturn starting 2H-2012,
extending into 2013 and spreading to non-OECD
Oil Demand Estimates for 2013
Base Case JP Morgan EIA Credit Suisse
Non-OECD Demand +1.5 mb/d +1.2 mb/d +1.5 mb/d
OECD Demand -0.1 mb/d +0.1 mb/d -0.2 mb/d
Total (mb/d) +1.3 mb/d +1.3 mb/d +1.3 mb/d
Total (%) +1.5% +1.5% +1.5%
Implies approximately 4.5% tanker demand growth
14 www.teekaytankers.com

15. 2013 Stimulus – Changing Trade Patterns
• Lengthening of voyage distances due to an increase in long-haul
Atlantic-Pacific crude oil movements
• Ramp-up of Russian exports from Ust-Luga (Baltic) and Kozmino
(Pacific) positive for Aframax trade
Ust-Luga Kozmino
End of Baltic End of East Siberia
Pipeline System 2 Pacific Ocean
(BPS-2) pipeline
12-15 cargoes per Pipeline expands
month on full to 1.0 mb/d by
ramp-up end-2012
15 www.teekaytankers.com

16. Long-Term Crude Tanker Demand Drivers
Increasing reliance on long-haul OPEC barrels… …with China the main driver of demand growth
Global Oil Production Outlook China Oil Market Fundamentals
Middle East Other OPEC Share of Total 16
60 60% Oil Demand
14
Source: IEA Domestic Oil Production
50 50% 12
Refinery Capacity
10
40 40%
MB/D
MB/D
Crude Imports
8
30 30% 6
20 20% 4
10 10% 2 Source: IEA / BP
0
0 0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012E
2013E
2014E
2015E
2016E
2010 2015 2020 2025 2030 2035
• Growth in long-haul crude trade driven by increasing reliance on tonne-mile
intensive OPEC barrels and Asian oil demand growth
○ More MEG / Atlantic barrels moving East
• Growth in crude trade is beneficial to all medium and large sized crude oil
tankers
○ VLCC / Suezmax spot rates show a 91% correlation since 1990
○ VLCC / Aframax spot rates show a 86% correlation since 1990
16 www.teekaytankers.com

17. Long-Term Product Tanker Demand Drivers
Product tanker tonne-miles set to grow… …as fleet growth slows to a 10-year low
Fleet Growth* (mdwt) Fleet Growth (%)
10 14%
Million Deadweight
9
% Fleet Growth
12%
8
7 10%
6 8%
5
4 6%
3 4%
2
1 2%
0 0%
2011
2005
2006
2007
2008
2009
2010
2012E
2013E
Source: IEA / Internal
Source: Clarksons / Internal estimates
• Global refining capacity set to increase by ~8 mb/d during 2012-2016
○ ~40% of new capacity is from export-oriented facilities in India / MEG
• Future of older / less efficient refineries in the Atlantic Basin likely to be
marginalized
○ Displaced in part by long-haul product imports from the East
• Similar to crude sector, growth in the global product tanker trade will benefit
all sizes of product tankers
17 www.teekaytankers.com

18. Asset Prices – Nearing The Bottom
• Approximately 20-25% decline in asset prices in 2011; further 10% in
2012-to-date
• Asset prices for older (>15 years) vessels under significant pressure
• Newbuilding prices likely to see further downward pressure in 2H-12
○ Lack of new orders putting pressure on shipyards to cut prices
○ Lower steel costs pave the way for lower prices
○ Lack of financing likely to constrain ordering
Suezmax Asset Prices Aframax Asset Prices
110 90
NB 5-yr NB 5-yr
100 80
90 70
$ millions
80 $ millions 60
70 50
60 40
50 30
40 20
Source: Clarksons Source: Clarksons
18 www.teekaytankers.com

19. TNK – A Safe Play on Tanker Market Recovery
Simple and Sustainable Business Model
• Teekay Tankers has strong fixed cover to support its
dividend in a weak near-term tanker market
• Expected tanker market recovery in the medium-term will
benefit our modern fleet
• Strong balance sheet provides flexibility for growth:
○ In-chartering to increase operating leverage
○ Accretive acquisitions
○ Next generation newbuildings
19 www.teekaytankers.com